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简介 机构:长江证券研究员:于旭辉/陈佳/柯睿事件描述2024 年4 月18 日,波司登应第十四届北京国际电影节组委会之邀,在北京燕山脚下的雁栖湖国际会议中心南广场举行防晒衣时尚秀。防晒服强产品力&品牌力有
机构:长江证券
研究员:于旭辉/陈佳/柯睿
事件描述
2024 年4 月18 日,波司登应第十四届北京国际电影节组委会之邀,在北京燕山脚下的雁栖湖国际会议中心南广场举行防晒衣时尚秀。防晒服强产品力&品牌力有望助力春夏季销售,此外今年1-2 月天气仍偏冷,预计将拉动波司登羽绒服FY2024(2023/4/1-2024/3/31)销售增长,因此我们上调公司预期。
事件评论
强产品力为核,时尚秀助力品牌力提升。近年来,伴随户外赛道兴起,防晒服逐渐被大众认知并接受。但市面上防晒衣质量参差不齐,功能性及时尚设计仍有所欠缺。从2020 年开始,波司登通过不断研发和设计,推出一系列更专业和时尚的防晒衣。2022 波司登夏季防晒服新品融合了“科技防晒+”概念,通过科技防晒技术的融入,五大功能点全面满足消费者不断升级的防晒需求。2024 年,波司登开启了防晒衣2addamopoker.0 时代,更加注重防晒衣专业防晒功能的研发和时尚色彩版型设计,打破了传统防晒衣单一的形式,采用高科技面料,打造出具备更强的防晒效果和穿着舒适度的更时尚的专业防晒衣。此次联合北京电影节举办防晒衣时尚秀,预计将助力品牌力进一步提升,春夏淡季销售有望提速。
多品类拓展成效凸显,寒潮推动波司登旺季销售。多品类开拓方面,一方面FY2024 波司登发力防晒服以及冲锋衣等品类,强快反能力保障其得以快速补货,实现对于超预期品类生意机会的快速把握。另一方面2023 年12 月以来的寒潮导致部分地区气温偏低,波司登羽绒服销售有望表现超预期。
短期来看,一方面公司新拓冲锋衣品类的良好表现及寒潮带动冬季旺季销售有望超预期,另一方面公司未来战略目标明确,品牌力持续强化背景下TOP 店店效提升及新品类开拓有望持续贡献业绩,羽绒服强供应链能力预计亦将逐步复制到其addamopoker他品类。中长期来看,户外及防晒服等市场空间仍大,基于此我们判断公司对于未来户外相关品类开拓及把握生意机会仍有提升空间,中长期角度仍有望保持稳健增长。基于此我们上调全年业绩预期,预计公司FY2024-2026 分别实现归母净利润29.0、33.6、38.4 亿元(此前预期为27.2、31.8、36.7),分别同比增长35%、16%、14%,当前价格对应PE 分别为16、13、12X,维持“买入”评级。
风险提示
1、品类拓展不及预期;
2、公司业务整合、经营效率提升不及预期;
3、零售复苏不及预期。
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